Earnings Per Share

6 Months Ended

Jun. 30, 2022

10.	EARNINGS PER SHARE

Below are the computations of basic and diluted earnings per share for the three and six months ended June 30, 2022 and 2021:

(In thousands, except per share amounts)	Three Months Ended June 30				Six Months Ended June 30
	2022		2021		2022		2021
Computation of Basic Earnings per Share
Net income attributable to Stepan Company	$	52,126	$	43,278	$	96,935	$	83,889
Weighted-average number of common shares outstanding		22,792		22,952		22,842		22,963
Basic earnings per share	$	2.29	$	1.89	$	4.24	$	3.65

Computation of Diluted Earnings per Share
Net income attributable to Stepan Company	$	52,126	$	43,278	$	96,935	$	83,889
Weighted-average number of shares outstanding		22,792		22,952		22,842		22,963
Add weighted-average net shares from assumed exercise of options (under treasury stock method) ⁽¹⁾		102		152		106		146
Add weighted-average net shares related to unvested stock awards (under treasury stock method)		—		1		—		1
Add weighted-average net shares from assumed exercise of SARs (under treasury stock method) ⁽¹⁾		106		190		113		181
Add weighted-average contingently issuable net shares related to performance stock awards (under treasury stock method)		55		50		54		47
Weighted-average shares applicable to diluted earnings		23,055		23,345		23,115		23,338
Diluted earnings per share	$	2.26	$	1.85	$	4.19	$	3.59

(1)

337,056 and 350,703 options/SARs to acquire shares of Company common stock were excluded from the computation of dilutive earnings per share for the three and six months ended June 30, 2022, respectively. Inclusion of the instruments would have had an antidilutive effect on the computations of the earnings per share. No options/SARs to acquire shares of Company common stock were excluded from the computations of diluted earnings per share for the three and six months ended June 30, 2021.